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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #46,641
  • Oct 22, 2009 2:56pm Oct 22, 2009 2:56pm
Quoting Mikali
Agreed!! I was lucky my sell stop order was never triggered In fact I better cancel the order before I forget
I was just wondering if there was some indication on the chart that made it obvious the PB would fail.

Mikali
  • #46,642
  • Oct 22, 2009 2:59pm Oct 22, 2009 2:59pm
What do you guys make of GBPJPY. We have essentially had 7 H1 tops in a row, and last 3 hours or so have had a whopping 15 pip range. Very strange...

Que
Que
  • #46,643
  • Oct 22, 2009 2:59pm Oct 22, 2009 2:59pm
Quoting mbqb11
Hey Mikali

Remember a pinbar is NOT valid until that low breaks. So the low never came close to breaking, technically not a valid pin.

Best
Mike

Hi Mike,

Fair enough, I keep calling it a PB when it technically is not. My concern is that I may have missed something in my chart analysis that would give an indication that the possible PB would not materialize. I hope that makes sense.

Mikali
  • #46,644
  • Oct 22, 2009 3:18pm Oct 22, 2009 3:18pm
since the backside of the bar has not broken its still a valid set up just not a pin bar....yet.

assuming you trade breaks of pin bars after an inside bar.

some do/some dont.

jim

Quoting Mikali
I was just wondering if there was some indication on the chart that made it obvious the PB would fail.

Mikali
  • #46,645
  • Oct 22, 2009 3:28pm Oct 22, 2009 3:28pm
Quoting james16
being punished every year for your success with a 40 percent tax by an idiot sociolist politician is tough.


jim

Haha! You think that's something?

Welcome to Sweden and enjoy 50% !!!

Great post. I agree 100%. You're a wise man Jim.
  • #46,646
  • Oct 22, 2009 3:34pm Oct 22, 2009 3:34pm
Weirdest GBPJPY movement I have ever seen.

Que
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Que
  • #46,647
  • Oct 22, 2009 3:35pm Oct 22, 2009 3:35pm
Quoting Que
What do you guys make of GBPJPY. We have essentially had 7 H1 tops in a row, and last 3 hours or so have had a whopping 15 pip range. Very strange...

Que
I just saw that.. i really don't know how (and if) this situation could be played!!
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  • #46,648
  • Oct 22, 2009 3:48pm Oct 22, 2009 3:48pm
Quoting Mikali
Hi Mike,

Fair enough, I keep calling it a PB when it technically is not. My concern is that I may have missed something in my chart analysis that would give an indication that the possible PB would not materialize. I hope that makes sense.

Mikali
Hi Mikali!

I am by no stretch of the imagination an expert, so please take what I say with a pinch of salt, but I looked at that pin looking bar last night and decided against trading it because of the massive bullish bar the previous day. When you have a pin bar that is much smaller that the preceding bar (or bars) I normally stay out of the trade because they are often just price taking a breath before it continues on its way. Also, I have a strong PPZ marked out at 1.5650 which the PB didn't close below on my chart. I would have wanted a strong rejection of that 1.5650 level before going short.

I hope that has helped you in some way. If not, then don't mind me

Cheers
Simon
  • #46,649
  • Oct 22, 2009 3:49pm Oct 22, 2009 3:49pm
Quoting james16
since the backside of the bar has not broken its still a valid set up just not a pin bar....yet.

assuming you trade breaks of pin bars after an inside bar.

some do/some dont.

jim
Hi Jim,
I have never traded IB's as I'm still very new to this. My understanding is there are basically two ways to trade IB's: 1) you can place pending orders above and below the IB and wait to see which breaks first then cancel the other order or 2) place a pending order in one direction based on where you think price will break.

That being said, I do not think I've heard the strategy of trading breaks of PB's after an IB. Could you kindly give me an idea how you could go about that play (I assume the pending trade would placed below the tail in the case of the EURCAD).

Also an IB trade on the EURCAD is intriguing as the 200 and 365 ema's are providing resistance at the moment.

Thanks,
Mikali
  • #46,650
  • Oct 22, 2009 3:49pm Oct 22, 2009 3:49pm
Ascending Triangle?
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Que
  • #46,651
  • Oct 22, 2009 3:52pm Oct 22, 2009 3:52pm
Quoting Mikali
Hi Jim,
I have never traded IB's as I'm still very new to this. My understanding is there are basically two ways to trade IB's: 1) you can place pending orders above and below the IB and wait to see which breaks first then cancel the other order or 2) place a pending order in one direction based on where you think price will break.

That being said, I do not think I've heard the strategy of trading breaks of PB's after an IB. Could you kindly give me an idea how you could go about that play (I assume the pending trade would placed below the tail...
Hey M

That is up to the trader. Some people will just leave their order under the Pinbar itself until either it is triggered or it is invalidated. Others might move it up under the IB to try to get in early off that break, and move their stop loss down above the IB. Personally I only play IBs after pins if the IB has the shape of a pin look, so it still looks very much as if the pin is in play. In that case I leave my order as is under the pin.


Best
Mike
  • #46,652
  • Oct 22, 2009 3:54pm Oct 22, 2009 3:54pm
Quoting Que
Weirdest GBPJPY movement I have ever seen.

Que
mike,
both you and j16 talked about something like this before when we have clear same/close highs in short time range, it may be good idea to consider trading the breakout(instead of wait for broke out, then trade re-test).

is this a good chart for this approach? since those highs are just below 152, i'm thinking maybe a buy stop of 152.10, and initial stop below pin indicated on chart.

i'm not trading this, just want to see if my thinking along the right way. can you check and comment? thx.
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  • #46,653
  • Oct 22, 2009 3:55pm Oct 22, 2009 3:55pm
Quoting dhh
mike,
both you and j16 talked about something like this before when we have clear same/close highs in short time range, it may be good idea to consider trading the breakout(instead of wait for broke out, then trade re-test).

is this a good chart for this approach? since those highs are just below 152, i'm thinking maybe a buy stop of 152.10, and initial stop below pin indicated on chart.

i'm not trading this, just want to see if my thinking along the right way. can you check and comment? thx.
Yep you are quite correct Dhh. When you get such similar highs in such a small timeframe usually a break of those = a burst out to clear the orderflow. But on such a small timeframe like this, I would be very very cautious to try to hold to long as it could snap back(the larger the timeframe the more likely a sustained breakout will occur).

Mike
  • #46,654
  • Oct 22, 2009 4:04pm Oct 22, 2009 4:04pm
Quoting mbqb11
Yep you are quite correct Dhh. When you get such similar highs in such a small timeframe usually a break of those = a burst out to clear the orderflow. But on such a small timeframe like this, I would be very very cautious to try to hold to long as it could snap back(the larger the timeframe the more likely a sustained breakout will occur).

Mike
thanks for the quick reply. let's see how this one play out(on the 1h timeframe).
  • #46,655
  • Oct 22, 2009 4:10pm Oct 22, 2009 4:10pm
Quoting AnimalHungry
Hi Mikali!

I am by no stretch of the imagination an expert, so please take what I say with a pinch of salt, but I looked at that pin looking bar last night and decided against trading it because of the massive bullish bar the previous day. When you have a pin bar that is much smaller that the preceding bar (or bars) I normally stay out of the trade because they are often just price taking a breath before it continues on its way....
Hi Simon,
Thanks for taking the time to post your thoughts - sharing ideas is one of the things that make this thread so special. I believe your assessment on bar size has some merit. In one of my earlier trades this week a AUDCHF PB that failed mbqb11 (Mike) pointed out that a small PB in relation to a strong trend would have a hard time reversing --- this is not exactley the same but I think the underlying idea is close. I also missed on the 1.5650 area as both the daily and weekly charts indicate this being a strong PPZ.

Thanks again,
Mikali
  • #46,656
  • Oct 22, 2009 4:18pm Oct 22, 2009 4:18pm
Quoting mbqb11
Personally I only play IBs after pins if the IB has the shape of a pin look, so it still looks very much as if the pin is in play. In that case I leave my order as is under the pin.


Best
Mike
Hi Mike,
Thanks for your insight!! When you say you only play IB's after pins if the IB makes it look like the PB is in play. Would I be safe to assume that the EURCAD example would not fit your requirement as the highs of both bars are within 3 pips. If you wouldn't mind clarifying I would really appreciate it.

Thanks,
Mikali
  • #46,657
  • Oct 22, 2009 4:20pm Oct 22, 2009 4:20pm
Hello everyone!
Can this BEOB on the chart be considered as a BEOB off minor swing high?
I remember that according to James, BEOBs and BUOBs should be traded off swing highs and lows. In this scenario the trade is with the global trend but I'm not really sure if the BEOB location is indeed in the right location. I would really appreciate some feedback on this.
Thank yoU!
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  • #46,658
  • Oct 22, 2009 4:20pm Oct 22, 2009 4:20pm
Quoting Mikali
Hi Simon,
Thanks for taking the time to post your thoughts - sharing ideas is one of the things that make this thread so special. I believe your assessment on bar size has some merit. In one of my earlier trades this week a AUDCHF PB that failed mbqb11 (Mike) pointed out that a small PB in relation to a strong trend would have a hard time reversing --- this is not exactley the same but I think the underlying idea is close. I also missed on the 1.5650 area as both the daily and weekly charts indicate this being a strong PPZ.

Thanks again,
Mikali...
No problem. PPZs are funny. At first when you start out you miss them, then when you get more into it you see too many PPZs all over the place and then, finally, you can identify the important ones and filter out the noise. I'm still working on the last part

Simon
  • #46,659
  • Oct 22, 2009 4:31pm Oct 22, 2009 4:31pm
Quoting Mikali
Hi Mike,
Thanks for your insight!! When you say you only play IB's after pins if the IB makes it look like the PB is in play. Would I be safe to assume that the EURCAD example would not fit your requirement as the highs of both bars are within 3 pips. If you wouldn't mind clarifying I would really appreciate it.

Thanks,
Mikali
yep.

Here is a good example of when to leave your order in as nothing has changed


-Mike
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  • #46,660
  • Oct 22, 2009 4:40pm Oct 22, 2009 4:40pm
Hello Jim,

I have two questions:
Do you trade touches in any market condition (i.e sideways, trending)?
Do you take touches in counter-trends?

Thanks,


Quoting james16
hey my friend lesson learned.

DO NOT TRADE THESE BARS UNTIL THEY BREAK.

you will see some doing it but most of them have been doing it for a while.

a pin bar does not become a pin bar until it breaks.
What does not kill me makes me stronger. Friedrich Nietzsche,
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